The expansion of services has become one of the major goals of every crypto platform. Offering their services to countries across the globe is added to the to-do list of several exchanges. However, expanding and exploring via crypto is a rather challenging task. Over the years Asia has been a major attraction of investors. As per a recent announcement, Kraken is the latest exchange to express its keenness towards entering the Asian market.
Kraken Once Again Enters Japanese Market
Last month, Kraken, a US-based cryptocurrency exchange firm, revealed that it was resuming its services in Japan. Back in 2018, after four years of its launch in Japan, the crypto exchange halted rendering its services to Japanese residents. The exchange reportedly wanted to venture into markets that had a better rate of growth at the time. However, last month, Kraken wrote a blog post revealing the re-entry of the Japanese market.
In its most recent blog post, the exchange pointed out that it had rolled out account funding as well as trading in Japan. This initiative comes as part of the exchange’s high-growth expansion into the Asian Pacific [APAC] region. Commenting on the exchange’s latest venture, David Ripley, the Chief Operating Officer of Kraken revealed that he was “thrilled” to have commenced trading in Japan. He added,
“In today’s challenging economic environment, more people are turning to cryptocurrencies to hedge against volatile markets and use cryptocurrency as a store of value.”
The exchange has reportedly launched an array of services from spot trading to crypto deposits as well as domestic JPY deposits and withdrawals. Spot trading was available in five crypto assets including Bitcoin, Ethereum, XRPM Bitcoin Cash, and Litecoin. Crypto deposits were also available in the same range of assets.
Last month, the exchange set up a portal for Japanese residents to create accounts and had revealed that the services would commence from early October. In its previous blog post, Kraken revealed that it was looking into entering the Japanese market once again as “Japan is ripe for re-entry.”
Takeshi Chino, the CEO of Payward Asia, a Japanese entity of Kraken also commented on the latest development and said,
“Crypto has demonstrated that it has staying power and that it continues to evolve. Investors in the space are not only drawn to price movement, but also to new investment opportunities, including the innovation currently coming out of the DeFi space.”